Tórshavn, Faroe Islands, 2014-01-02 08:44 CET (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (OMX & Oslo Børs: FO-ATLA & ATLA) is pleased to announce that the Group has entered into a farm-in option agreement with Rocksource ASA regarding the PL528 licence in the Norwegian Sea.
Through the farm-in option agreement, Atlantic Petroleum shall purchase five percent (5%) and has an option to purchase up to fifteen percent of the participating interest in PL528. Atlantic Petroleum shall within 28 th April 2014 decide, in its sole discretion, the size of the participating interest to be acquired within the aforementioned 5 to 15 percent range.
Centrica is operator of the licence with an equity interest of 40%. Other licence partners are Statoil 35% and Rocksource 25% (pre-deal).
The PL528 licence contains the Ivory prospect sanctioned for drilling in the second half of 2014. The Ivory prospect is gas prone with Direct Hydrocarbon Indicator (DHI) support. It is adjacent to the Statoil-operated Aasta Hansteen field development which is due to come on stream in 2017. Rocksource currently carries a pre-drill resource range estimate of 55-306 mmboe.
The agreement is subject to approval by the Norwegian Government.
Ben Arabo, CEO, commented:
“We are very pleased to add another exciting opportunity to our Norwegian portfolio. 2014 will be a busy year for Atlantic Petroleum with the Langlitinden well in Norway being drilled in the first quarter, to be followed later in the year by the UK Pegasus well, the Faroes Brugdan 2 well and now the Norway Ivory well scheduled for second half of 2014. Atlantic Petroleum is also participating in the pending APA licensing round and we are now looking forward to the result of this.”
Atlantic Petroleum in brief:
Atlantic Petroleum is a full cycle exploration and production (E&P) Group focused on North West Europe. Atlantic Petroleum currently holds 40 oil and gas licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, and has three fields in production in the UK part of the North Sea. In addition to this, the Group has one field under development with first oil expected in 2015, two additional potential development projects and a substantial number of exploration prospects. Atlantic Petroleum participates in joint ventures with 30 reputable, international partners. Atlantic Petroleum’s main office is located in Tórshavn, Faroe Islands, and the Company has subsidiaries and technical offices in London, UK and Bergen, Norway. Atlantic Petroleum’s existing shares are listed on NASDAQ OMX Copenhagen, NASDAQ OMX Iceland and on Oslo Børs. The Company has applied for a delisting from NASDAQ OMX Iceland, which is expected to be effective in the near future.
Further Details:
Further details can be obtained from Ben Arabo, CEO, tel +298 350100 (ben.arabo@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo .
On the website, it is also possible to sign up for the Company’s e-mail newsletter.
Announcement no.1/2014
Issued 02-01-2014
P/F Atlantic Petroleum Yviri við Strond 4 P.O. Box 1228 FO-110 Tórshavn Faroe Islands Telephone +298 350 100 Fax +298 350 101 Website: www.petroleum.fo E-mail: petroleum@petroleum.fo
